Well Wookie- you have to admit that the boom and the subsequent correction that we are seeing is a result of demand exceeding supply to a certain extent, and if there were people who bought property hoping to help push along the demand, and they ended up losing out, I'm not feeling very sorry for them. Any investment involves risk.
What has caught the OP here is that the condo builder had a lawyer draft a legal contract, and either the OP didn't get representation of his own, or that representation was flawed.
When I bought my house, I used a realtor and a lawyer. The realtor went over the purchase agreement as my advocate, and showed me what each part meant. When I bought my property out in Manitoba I also used a lawyer, and paid him some extra cash as this was a "sale by owner" deal, and I didn't want to get shafted.
In my mind the OP tried to save some money by not getting representation, and it has now come to bite him.
I would suggest the OP speak to a lawyer about his options. My recommendation is to look in the power ring for Troutman's post, as I have used his services and he was extremely helpful. If nothing else, better to spend a couple of billable hours with a lawyer to get the info you need, than to just try and do this on your own.
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